Sandeep Chowdhury, the CEO of Yes World, was arrested for allegedly defrauding investors with a Ponzi scheme disguised as a cryptocurrency business. In a key ruling, an Indian court confirmed that cryptocurrency is legal in the country and granted bail to Chowdhury in the fraud case.
Orissa High Court Affirms Cryptocurrency Legality
In a significant ruling, the Orissa High Court in India has confirmed that cryptocurrency trading and transactions are neither prohibited nor illegal in the country. The court’s decision led to the granting of bail to Sandeep Chowdhury, CEO of Yes World, who faced allegations of defrauding investors through a Ponzi scheme masquerading as a cryptocurrency enterprise.
On July 30, Justice Aditya Kumar Mohapatra, overseeing a single judge bench, emphasized the absence of any official ban or illegality concerning cryptocurrency trading in India. This clarification came while granting bail to Sandeep Chowdhury, who had been detained for allegedly engaging in fraudulent activities through a Ponzi or multi-level marketing scheme disguised as a cryptocurrency business.
Justice Mohapatra’s statement on the matter was clear:
“This court on a careful analysis of facts and materials on record is of the view that trading or transacting in cryptocurrency has not been declared illegal as of now in the country either by the government of any statutory authority. Therefore, mere trading in cryptocurrency cannot be held to be illegal at this juncture.”
Supreme Court’s Position and National Implications
The judge highlighted that cryptocurrency is a nationwide phenomenon in India, referencing a Supreme Court judgment from March 4, 2020. This judgment affirmed that the Reserve Bank of India (RBI) had not banned virtual currencies and that the government had not yet made a decision regarding the regulation of cryptocurrencies.
Chowdhury was apprehended by the Economic Offences Wing on November 17, 2023. After his initial bail plea was denied by the designated court under the Odisha Protection of Interests of Depositors (in Financial Establishments) Act in Cuttack, he pursued regular bail, which led to the favorable ruling by the Orissa High Court.
Previous Rulings and Legal Clarifications
Previously, the Orissa High Court had ruled on the legality of cryptocurrency dealings under Indian law. In June, Justice Sasikanta Mishra clarified that cryptocurrency does not qualify as money under the Prize Chits and Money Circulation Schemes (Banning) Act, nor as a deposit under the Odisha Protection of Interests of Depositors Act. Consequently, mere dealings in cryptocurrency do not constitute offenses under these laws.
Taxation and Regulatory Landscape
While India currently lacks specific regulations governing cryptocurrency, the government imposes substantial taxes on crypto transactions. Gains from Virtual Digital Assets (VDAs) are subject to a 30% tax, and users cannot offset losses against gains, as they can with stocks. Additionally, a 1% Tax Deducted at Source (TDS) on digital asset transactions further affects traders.
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Final Thoughts
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